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Hollysys Automation Technologies (NASDAQ:HOLI) said its shareholders approved its acquisition by entities affiliated with Ascendent Capital Partners and Superior Technologies.
In December 2023, the Beijing-based company announced a going private dealunder which it would be acquired by private investment firm Ascendent in an all-cash transaction valued at about $1.66B. Hong Kong-based Ascendent would acquire all outstanding shares of Hollysys that it does not currently own for $26.50 per share in cash.
During the go-shop period, Hollysys did not receive any offer it deemed superior to the $26.50/share sale to Ascendent.
Hollysys said on Thursday that about 76.95% of its total issued and outstanding ordinary shares voted at the extraordinary general meeting, or EGM, and approximately 86.94% voted in favor of the the merger.
“We are committed to moving towards a successful closing of the transaction to realize immediate value for our shareholders,” said board members of Hollysys.
Last month, proxy adviser Institutional Shareholder Services recommended Hollysys’ shareholders to reject Ascendent’s offer.
The company noted that it will work with the other parties to satisfy other closing conditions, including getting required regulatory approvals.
HOLI +1.29% premarket to $25.90.